WESTCAP MAY 15, 2014 Page 2

PROGRAM UPDATES

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We continue to win a lot of business with our correspondent life companies. Most of these relationships date back to the early 1980's. We just received a quote at 4.00% on a full leverage (75-80%) $15 million multifamily loan through our Fannie/Freddie correspondent (one of the largest in the country). Our life companies are beating the agencies on rate on lower leverage multifamily loans, and we have sources ranging from $1,000,000 to $200,000,000. Another source just announce a very competitive bridge program for $2,000,000 - $10,000,000 up to 85% LTV. We are active with some great construction lenders, construction mezz, bridge for value-add, and some great equity sources as well.

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MARKET DATA

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In her recent testimony before Congress, Janet Yellen indicated that there is a long way to go before unemployment is fixed, going on to state that there are way too many Americans who have given up looking or working part-time, who want full-time employment, and vowed that the FED will continue to stimulate until the underemployment problem is dramatically improved. She was referring to the following:http://www.wnd.com/2014/05/real-jobless-rate-hits-12-4/ This FED stimulus can not last forever, and when it looks like it is going to stop, rates will rise. Your guess is as good as ours on when that will happen.

WESTCAP CORP 9960 Irvine Center Drive Irvine, California 92618 949-756-2520 www.westcapcorp.com      Steve Bridges  949-387-9061 sbridges@westcapcorp.com     Real Estate Brokers – California Department of Real Estate Corporate License # 00991878